Cashless payments adoption ‘at inflection point’

New research has found consumer openness to alternative payment options - including wearables and smartphones - although acceptance of cashless payments comes with a high degree of concern surrounding the ability to secure these devices.

A study commissioned by Transaction Network Services (TNS) surveyed more than 3,000 consumers in the United States, United Kingdom and Australia, finding 44 per cent of respondents are willing to make a payment using a wearable device like a ring or a bracelet.

However, just under two-thirds (65 per cent) expressed that security concerns would stop them from using a wearable device to make a payment. Australians were most concerned about security (68 per cent), versus Americans (64 per cent) and Britons (63 per cent).

A majority of respondents (55 per cent) like using mobile payment apps on their smartphone to make payments because they are quick and easy.

Only 60 per cent of US respondents made on average at least one contactless payment each week, compared to 75 per cent of Australians and 79 per cent of Britons.

Bill Versen, chief product officer for TNS, commented: “Merchants need to continue to invest in and deploy payment systems that protect against data breaches – as the report illustrates, a lack of security is really the only gating factor to enabling a wider adoption of cashless payments.”

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